Budget 2024: Government Pledges to Build 1.2 Million New Homes in Five Years

About $6.2 billion will go into the initiative.

Australian Treasurer Jim Chalmers speaks at a press conference inside the Budget lockup at Parliament House in Canberra, Australia on May 14, 2024. AAP Image/Lukas Coch

The federal government has announced $6.2 billion to build new homes in the 2024-25 federal budget to try to deal with Australia’s housing shortage.

The budget aims to cover an “ambitious” promise to build 1.2 million homes in five years. The funding adds to Labor’s $32 billion spend on housing since 2022.